BBB- for company notes

BBB- for company notes

SYDNEY (Reuter): Standard & Poor's Corp said it had assigned a
BBB minus senior rating to PT Jawa Power Co's US$200 million
senior secured notes due 2011 in the U.S. institutional private
placement market.

S&P said the rating was assigned after an assessment of the
risks that apply to the 2x660 MW coal-fired power station at the
Paiton Energy Complex in East Java, Indonesia.

The coastal power station will be constructed at a cost of
US$1.7 billion by a consortium of Siemens AG, Powergen Plc, and
PT Bumipertiwi Tatapradipta, which in turn is indirectly
controlled by PT Bimantara Citra Holding.

S&P said the risks applying to the project include the fact
that the construction project will take four years, logistical
challenges, fuel supply requirements, and financial uncertainty
about one of two mine operators.

S&P said the outlook for the investment-grade project is
stable.

"The inclusion of highly capable and creditworthy sponsors and
fundamentally sound economics allow Standard & Poor's to conclude
that the project will move into commercial operation on time, on
budget, and as designed," the statement said.